Atlanta — Madison Vinings Ridge, a 494-unit apartment property in the Cumberland/Galleria neighborhood of northwest Atlanta, has traded hands. The property has the distinction of being near the new Atlanta Braves’ stadium, Sun Trust Park, which will be completed in time for the 2017 season.
The seller was Equus Capital Partners Ltd., a private equity fund manager, working on behalf of BPG Investment Partnership VIII, LP. The buyer was a joint venture made up of Titan Real Estate Investment Group and an institutional investor. At the time of the sale, the property was 96 percent leased.
The participants declined to specify a price for the property. Equus bought in 2008 from Post Properties for $52.7 million.
Now was a good time to sell, Equus vice president Gerg Curci told MHN.
“The excitement surrounding the development associated with the new Braves stadium, coupled with the fact that we were nearing the end of our natural hold period, presented us with an opportune time to exit at favorable terms for our investors,” he said.
The garden-style property offers a mix of one-, two-, and three- bedroom apartments in a low-density setting. Common amenities include two outdoor pools, a fitness center and a playground, as well as direct access to the adjacent Chattahoochee River National Recreation Center.